Answer / h.r. sreepada bhagi

To match all the entries made in the books account and to
ensure that no payment or receipt appearing in the bank
statement has escaped accounting.
In other words it's done to ensure that all entries in the
bank statements are accounted also that there will be no
scope of cheque bouncing for want of funds and effective
utilisation of money in the account.

Answer / ramu

BRS is a statement that means difference b/w cash and
passbook balance.we know the actul current bank balance

Answer / pravin kamble

To show the correct picture of agreement which has been
agreed between the bank & the other party.

1)There may be some item which we have not agreed with bank
but still bank had given us either debit / credit for that
Or there may be some items for which we have agreed with
bank, but while passing the entries in our books of account
might not reflecting due to any reason (forgot, wrong
entered - debit item entered as credit, reversals entries).

2)There may be timing difference, because on the last date
of the agreed period's date, there might be some
transaction which had appreared in bank statement but due
to time limit it was not entered in our books of account.

To show the above two points a bank reconciliation
statement has been prepared. So accordingly we do the
correction in our books of accounts or we force the bank to
get it rectified in their books of account.

Answer / anix

IT IS A STATEMENT TO SHOW THE CAUSES OF DIFFERNCE B/W
BALANCE AS PER PASS BOOK AND AS PER CASH BOOK..
THE FOLLOWING ARE SOME REASONS CAUSING DISAGREMENT OF
BALANCES
1.CHEQUE ISSUED BUT NOT PRESENTED
2.CHEQUE DEPOSITED BUT NOT CLEARED
3.MONEY DEPOSITED BY A CUSTOMER DIRECTLY TO THE BANK..

Answer / prabhavathy

To reconcile the bank statement and books of accounts......

Answer / pawan

The main purpose of BRS is to identify the difference
between closing balance of Bank statement and Bank Book (
Books of Account)

Answer / prabhavthy

The purpose of preparing BRS is to know the actual balance
in bank book. For that we have to compare the bank book and
company book.And major things is to ascertain the fund flow
for the company.Based on that balance the will issue the
cheques.. The BRS carried out for 1st week of every month.

Is it necessary after every journal entry to show its treatment in P&L a/c? Eg. if I am asked to show journal entry of purchasing furniture & fixture on 1st Aug 06, i.e. Furniture & fixture a/c Dr. To cash/bank a/c Along with this, I have to pass following journal entry on 31st Mar 07?? P&L a/c Dr. To Furniture & fixture a/c

0 Answers   WNS,

how to prepare final accounts of proprietor

3 Answers   Capital IQ,

What are the functions of manger -accounts and manager-finance?

0 Answers  

what is the journal entry for cheque received from our clients?

11 Answers   Genpact,

I have a questions regarding booking transaction. what is I want to loan my company 10k transaction will be recorded as follows "CASH" 10k debit "Payable to partner" 10K as credit. So when I used company debit card for my personal use can I book this as a loan repayment? which means I will have to Debit account " Payable to Partner and credit "Cash"

1 Answers  

What is the accounting treatment for goods taken from business for office use

2 Answers  

sir I heard from some body that he received more money than requested in an ATM.Is it possible, if yes what is the remedy ?

0 Answers  

Sir, Please tell me what diesel is direct/indirect exp.

4 Answers  

What is the Difference Between (A/c Payable / Receivable ) AND ( Bills payable / Receivable )................?

3 Answers   GTS,

Pls tell me the basic rules of accounts for interview in finanace or accounts section

0 Answers   Genpact, IBM,

Factors that affect the requirement of working capital ?

3 Answers  

is it related to b.com syllabus or puc syllabus

0 Answers   AIM Research, Bank of Baroda,